Stocks in China Surge on New Stimulus; Tensions Escalate in Middle East

Karen. Stocks in China and Hong Kong surged more than 0:00:03.360 --> 0:00:07.480 four percent overnight. Those gains come after China's Central Bank 0:00:07.640 --> 0:00:11.959 unleashed a blitz of policy support for the economy. Bloomberg 0:00:12.039 --> 0:00:15.160 Daybreak Asia anchor Brian Curtis has more from Hong Kong. 0:00:15.520 --> 0:00:19.160 This is the big Bazuka markets we're waiting for. PBOC 0:00:19.239 --> 0:00:22.680 Governor Pangong Shung cut the bank's reserve ratios and cut 0:00:22.720 --> 0:00:25.400 a key policy rate. He also moved to shore up 0:00:25.440 --> 0:00:28.640 the property market. Pan lowered borrowing costs on as much 0:00:28.680 --> 0:00:32.200 as five point three trillion dollars in mortgages, and eased 0:00:32.280 --> 0:00:36.240 rules for second home purchases. China will also allow funds 0:00:36.240 --> 0:00:40.280 and brokers to tap PBOC funds to buy stocks. Will 0:00:40.320 --> 0:00:42.800 it work well, it's the biggest swing yet for the 0:00:42.840 --> 0:00:47.320 fences and markets. Sword in Hong Kong. Brian Curtis, Bloomberg Radio. 0:00:47.400 --> 0:00:48.360 All right, Brian, thank you. 0:00:48.400 --> 0:00:48.559 Well. 0:00:48.560 --> 0:00:52.120 Here in the US again, futures are higher after stock's closed. 0:00:52.120 --> 0:00:56.440 It another record. John stoltzfis the chief investment strategist at Oppenheimer. 0:00:56.560 --> 0:00:59.440 Thanks the S and P five hundred could surpass his 0:00:59.600 --> 0:01:00.800 year end price target. 0:01:01.160 --> 0:01:04.520 Things are just basically improving if we can just keep 0:01:04.560 --> 0:01:09.959 it moderate growth with resilience in jobs and economic growth 0:01:09.959 --> 0:01:13.160 in corporate earnings. I think we're good to go as 0:01:13.200 --> 0:01:17.039 long as we avoid getting complacent, and as long as 0:01:17.080 --> 0:01:20.160 we can avoid having the bulk from the blue hit US. 0:01:20.200 --> 0:01:24.360 I think considerably higher and well beyond the fifty nine 0:01:24.440 --> 0:01:25.119 hundred target. 0:01:25.200 --> 0:01:29.680 Probably Oppenheimer's John Stoltzfist notes the Dow also closed at 0:01:29.680 --> 0:01:31.160 a record yesterday. 0:01:31.040 --> 0:01:33.560 Here in the seventy ninth session of the United Nations 0:01:33.600 --> 0:01:36.560 General Assembly opens this morning in New York City. Leaders 0:01:36.600 --> 0:01:40.120 from almost two hundred countries will participate. We get more 0:01:40.160 --> 0:01:42.080 from Bloomberg's David Gera in New York. 0:01:42.480 --> 0:01:45.000 The string of speeches by world leaders will stretch over 0:01:45.120 --> 0:01:49.120 six days, starting with Brazil's president by tradition, then Joe 0:01:49.160 --> 0:01:51.360 Biden will deliver what will be his last address to 0:01:51.400 --> 0:01:54.640 the UN General Assembly as president. His speech is expected 0:01:54.640 --> 0:01:56.680 to focus on the turmoil in the Middle East and 0:01:56.720 --> 0:01:59.760 the war in Ukraine. On Wednesday, that country's Leader of 0:01:59.800 --> 0:02:03.000 Law Mirzelenski, will address you on delegates. He'll also meet 0:02:03.040 --> 0:02:06.920 separately with Vice President Kamala Harris and former President Donald Trump. 0:02:07.400 --> 0:02:09.560 The theme of this the seventy ninth Session of the 0:02:09.560 --> 0:02:13.200 General Assembly is leaving no one behind, acting together for 0:02:13.240 --> 0:02:16.760 the advancement of peace, sustainable development, and human dignity for 0:02:16.880 --> 0:02:21.080 present and future generations. In New York, David Gura Bloomberg. 0:02:20.680 --> 0:02:23.040 Radio, all right, David, thank you well. Now to the 0:02:23.040 --> 0:02:25.960 Middle East, where one of the deadliest days of fighting 0:02:26.000 --> 0:02:28.960 in nearly two decades is stoking fears of an all 0:02:29.000 --> 0:02:32.880 out war between Israel and Hezbelah. This morning, Israel says 0:02:32.919 --> 0:02:35.520 it's launched a new wave of airstrikes in Lebanon, a 0:02:35.600 --> 0:02:38.680 day after a series of attacks that killed nearly five 0:02:38.760 --> 0:02:41.920 hundred people and wounded about sixteen hundred and fifty more. 0:02:42.400 --> 0:02:45.640 Paul Salem, as Vice president for International Engagement at the 0:02:45.680 --> 0:02:47.760 Middle East Institute. 0:02:47.240 --> 0:02:50.919 This is really part of an escalation that started last 0:02:50.919 --> 0:02:55.560 week with the pager attacks in Milwaukee, talkie attacks, tarketing Husbulla, 0:02:55.600 --> 0:03:01.400 and other assassination attacks on high Fasballa figures by Israel. Obviously, 0:03:01.440 --> 0:03:04.519 this is in a context of almost one year now 0:03:05.000 --> 0:03:08.440 of Hesabella opening a second front on October eighth last 0:03:08.520 --> 0:03:11.880 year and Hasbella at Israel exchanging fire. 0:03:12.320 --> 0:03:14.680 All Salem at the Middle East Institute says it's not 0:03:14.800 --> 0:03:17.600 clear where the fighting goes from here. Israel says it's 0:03:17.639 --> 0:03:21.520 focused on an air campaign to degrade Hesbeala's military capabilities, 0:03:21.760 --> 0:03:24.320 but a senior US official says it's important to take 0:03:24.440 --> 0:03:27.960 Israel's preparations for a ground invasion seriously. 0:03:28.360 --> 0:03:30.880 Now, Karen's in the latest from the campaign trail. Former 0:03:30.919 --> 0:03:34.280 President Donald Trump is giving a speech today in Savannah, Georgia, 0:03:34.400 --> 0:03:37.440 focused on his economic plan. He offered something of a 0:03:37.520 --> 0:03:40.560 preview with a warning to John Deere if it moves 0:03:40.600 --> 0:03:43.640 some of its production to Mexico. We get that story 0:03:43.680 --> 0:03:45.000 from Bloomberg's Ed Baxter. 0:03:45.280 --> 0:03:47.560 Earlier this year, Deer said it would lay off workers 0:03:47.600 --> 0:03:50.280 in Illinois and Iowa as it says it's facing rising 0:03:50.360 --> 0:03:55.040 operational costs and declining demand. Trump, at an event on 0:03:55.120 --> 0:03:57.280 American Farmers and Trade, I'm. 0:03:57.120 --> 0:04:00.920 Just notifying John Deere right now, if you do that, 0:04:01.320 --> 0:04:04.080 we're putting a two hundred percent tariff on everything that 0:04:04.120 --> 0:04:06.680 you want to sell into the United States, so that 0:04:06.760 --> 0:04:09.000 if I win, John Deere is going to be paying 0:04:09.000 --> 0:04:10.080 a two hundred percent. 0:04:10.480 --> 0:04:14.680 Deer issuing a statement saying it is committed to US manufacturing. 0:04:15.000 --> 0:04:19.080 With two billion dollars invested in domestic plants since twenty nineteen. 0:04:19.600 --> 0:04:21.600 Head Baxter Bloomberg Radio all. 0:04:21.560 --> 0:04:23.320 Right, ed, thank you a lot. Ahead of that speech 0:04:23.360 --> 0:04:26.680 in Georgia, former President Trump held a rally last night 0:04:26.720 --> 0:04:31.400 in Indiana, Pennsylvania, and he said he'd handle Ukraine differently 0:04:31.440 --> 0:04:33.560 if he's elected in November. 0:04:33.240 --> 0:04:34.599 As president elect. 0:04:34.600 --> 0:04:36.720 If I win this election, the first thing I'm going 0:04:36.760 --> 0:04:41.400 to do is call up Zelenski and call up President Putin, 0:04:41.680 --> 0:04:44.000 and I'm going to say, you gotta make a deal. 0:04:44.080 --> 0:04:45.000 This is crazy. 0:04:45.960 --> 0:04:50.240 Trump also said he thinks Ukraine's president, Vladimir Zelenski wants 0:04:50.279 --> 0:04:53.479 Kamala Harris to win the election. Zelenski was also in 0:04:53.520 --> 0:04:57.440 Pennsylvania on Sunday ahead of the UN General Assembly this week. 0:04:57.600 --> 0:05:00.400 In an interview with The New Yorker Magazin and the 0:05:00.480 --> 0:05:03.640 Ukrainian leaders, said he doesn't think Trump really knows how 0:05:03.680 --> 0:05:06.320 to stop the war with Russia, even if he thinks so. 0:05:06.800 --> 0:05:10.159 Starting a company news now, Karen Boeing is offering a 0:05:10.200 --> 0:05:14.520 sweetened pay package to its striking workers. John Tucker's on 0:05:14.560 --> 0:05:17.279 top of this story, John, this sounds like it could 0:05:17.320 --> 0:05:18.559 be Boeing's final offer. 0:05:18.760 --> 0:05:21.920 Yeah, Boeing offered a thirty percent pay bump, and they 0:05:21.960 --> 0:05:24.680 went directly to the striking workers. They said the terms 0:05:24.720 --> 0:05:28.200 are final and only valid into the end of Friday. 0:05:28.600 --> 0:05:30.960 So of course this ranchets up pressure on workers to 0:05:31.040 --> 0:05:34.599 accept not sitting too well with the leadership of their union, 0:05:34.600 --> 0:05:37.839 as you can imagine. John Holden, president of IAM District 0:05:37.880 --> 0:05:41.400 seven to fifty one, said his negotiating team was blindsided 0:05:41.440 --> 0:05:44.159 by the offer in the union has no intention of 0:05:44.160 --> 0:05:47.320 putting it before rank and file members. Going directly to 0:05:47.320 --> 0:05:50.360 the workers drough a harsh statement. Union said, by skirting 0:05:50.360 --> 0:05:53.760 the collective bargaining process, Boeing took it upon itself to 0:05:53.800 --> 0:05:58.279 disrespect our entire union. Labor strife has flared up ahead 0:05:58.279 --> 0:06:01.760 of the November presidential election. Machinists also walked up the 0:06:01.839 --> 0:06:05.800 job yesterday at Textron Aviation, and a potential strike by 0:06:05.839 --> 0:06:09.480 Longshortman threatens to cripple US shipping in New York. I'm 0:06:09.560 --> 0:06:11.040 John Tucker, Bloomberg Radio. 0:06:11.360 --> 0:06:13.400 All right, John, thank you all. The Justice Department is 0:06:13.440 --> 0:06:16.840 planning to file an antitrust case against Visa as soon 0:06:16.960 --> 0:06:19.560 as today. We gin more from Bloomberg's Doug Prisner. 0:06:19.800 --> 0:06:23.520 We're told the DOJ plans to say Visa illegally monopolize 0:06:23.560 --> 0:06:27.040 the US debit card market. The company operates the largest 0:06:27.040 --> 0:06:30.520 payments network in the US. The lawsuit will accuse Visa 0:06:30.600 --> 0:06:34.200 of taking steps to keep rivals from challenging Visa's dominance 0:06:34.360 --> 0:06:38.320 in debit cards. The DOJ will allege Visa made exclusive 0:06:38.320 --> 0:06:42.119 agreements to hinder the expansion of competing networks, and Visa 0:06:42.160 --> 0:06:45.320 will be accused of thwarting efforts by technology companies to 0:06:45.440 --> 0:06:48.560 enter the market. The lawsuit will be the combination of 0:06:48.640 --> 0:06:52.400 a year's long probe of Visa's business practices in New York. 0:06:52.440 --> 0:06:53.880 I'm Doug Prisoner, Bloomberg Radio. 0:06:54.040 --> 0:06:54.560 All right, Doug. 0:06:54.600 --> 0:06:54.840 Thanks. 0:06:54.880 --> 0:06:57.760 Meanwhile, Bloomberg News has learned the Federal Trade Commissions expected 0:06:57.800 --> 0:07:00.520 to allow Chevron's fifty three billion dollars TIS takeover of 0:07:00.640 --> 0:07:03.240 Hest to go forward. The original deal was agreed to 0:07:03.279 --> 0:07:05.880 eleven months ago. The takeover would be one of the 0:07:05.960 --> 0:07:09.760 largest oil deals in recent years, after Exxon's sixty billion 0:07:09.840 --> 0:07:14.160 dollar purchase of Pioneer Natural Resources in May. 0:07:16.400 --> 0:07:17.760 And it's time now for a look at some of 0:07:17.800 --> 0:07:20.400 the other stories making news in New York and around 0:07:20.480 --> 0:07:22.920 the world. And for that we're joined by Bloomberg's Michael 0:07:22.960 --> 0:07:24.440 Barr Michael, Good morning. 0:07:24.200 --> 0:07:28.520 Good morning, Karen. The National Hurricane Center says Hurricane John 0:07:29.000 --> 0:07:33.120 made landfall in southern Mexico as a major Cat three storm. 0:07:33.400 --> 0:07:36.679 John grew in a matter of hours. Local authorities opened 0:07:36.720 --> 0:07:39.720 shelters for about three thousand people, but more than one 0:07:39.800 --> 0:07:44.080 hundred thousand live in the coastal area. Meanwhile, a storm 0:07:44.120 --> 0:07:46.920 in the Caribbean is forecast to become a hurricane tomorrow. 0:07:47.280 --> 0:07:50.960 Helene is on track to strengthen Thursday. The man who 0:07:51.120 --> 0:07:54.840 opened fire at a King Supers grocery store in Boulder, 0:07:54.880 --> 0:07:58.240 Colorado in twenty twenty one, killing ten victims, including a 0:07:58.280 --> 0:08:00.800 police officer, is heading to Risen for the rest of 0:08:00.840 --> 0:08:04.720 his life. After Amad Alissa was convicted on all fifty 0:08:04.800 --> 0:08:09.280 five counts, including murder, the judge handed down ten consecutive 0:08:09.360 --> 0:08:12.679 life sentences for each of the victims killed in forty 0:08:12.720 --> 0:08:16.120 eight years, consecutively for each of the thirty eight attempted 0:08:16.200 --> 0:08:20.480 murder counts. Boulder County District Attorney Michael Doherty applauded the 0:08:20.560 --> 0:08:21.320 jury's decision. 0:08:21.760 --> 0:08:25.240 Today marks the end of an incredibly long and painful 0:08:25.320 --> 0:08:28.480 journey for the victims of the massacre at King Soopers 0:08:28.480 --> 0:08:30.880 on March twenty second, twenty twenty. 0:08:30.640 --> 0:08:35.920 One, DA Michael Doherty in battle Republican gubernatorio candidate Lieutenant 0:08:35.920 --> 0:08:39.679 Governor Rock Robinson vowed to a room full of supporters 0:08:40.120 --> 0:08:42.800 he will be staying in the race in North Carolina. 0:08:43.280 --> 0:08:46.640 It comes after a report from CNN allegingd Robinson was 0:08:46.679 --> 0:08:50.640 behind a number of races posts on a pornography website's 0:08:50.840 --> 0:08:54.520 message board. Robinson spoke at a Monday event at a 0:08:54.559 --> 0:08:55.679 diner and boone. 0:08:55.800 --> 0:08:59.040 We're considerably legal, actually against I'll see it n about 0:08:59.040 --> 0:09:00.000 the story they put out. 0:09:00.000 --> 0:09:03.240 We have not formulated at our exact plan yet, Robinson 0:09:03.280 --> 0:09:08.520 spoke to ABC's WTVB television. A US Coast Guard hearing 0:09:08.520 --> 0:09:12.520 continued Monday into the doomed submersible Titan. The co founder 0:09:12.559 --> 0:09:16.600 of ocean Gate, Guillermo son Lane, defended his company and 0:09:16.679 --> 0:09:20.359 pleaded with officials not to regard his venture as tourism 0:09:20.559 --> 0:09:22.400 but as ocean exploration. 0:09:23.040 --> 0:09:27.320 I hope that all of us can find some good 0:09:27.679 --> 0:09:29.920 in all of us sadness. I hope that we can 0:09:29.960 --> 0:09:32.040 find some silver linings. I hope we can find some 0:09:33.120 --> 0:09:34.800 valuable lessons learned. 0:09:35.559 --> 0:09:38.320 The June twenty twenty three implosion took the lives of 0:09:38.400 --> 0:09:41.559 five people as they took part in a deep dive 0:09:41.679 --> 0:09:44.200 to the remains of the Titanic on the ocean floor. 0:09:44.520 --> 0:09:48.440 The Biden administration has finalized its first binding award under 0:09:48.480 --> 0:09:51.680 the Chips and Science Act. It is a one hundred 0:09:51.679 --> 0:09:55.000 and twenty three million dollar grant to Polar Semiconductor that 0:09:55.080 --> 0:09:59.320 officials say could double the company's US manufacturing capacity within 0:09:59.360 --> 0:10:02.280 two years. Global News twenty four hours a day and 0:10:02.360 --> 0:10:05.319 whenever you want it with Bloomberg News Now Michael Barr. 0:10:05.440 --> 0:10:06.800 This is Bloomberg Karn. 0:10:07.080 --> 0:10:13.760 All Right, Michael Barr, thank you time now for the 0:10:13.760 --> 0:10:16.040 Bloomberg Sports Update with John Stanshawer. 0:10:16.120 --> 0:10:18.960 John, good morning, Good morning caring two Monday nighters, starting 0:10:18.960 --> 0:10:21.600 with a blowout in Buffalo. Josh Allen had four touchdown 0:10:21.640 --> 0:10:24.240 passes in the first half. The Bills were up thirty 0:10:24.320 --> 0:10:27.640 four to three at halftime. They beat Jacksonville forty seven 0:10:27.679 --> 0:10:29.160 to ten to go to three and oh the Jags 0:10:29.200 --> 0:10:32.600 are owing three. Much closer game in Cincinnati, Washington trailed 0:10:32.640 --> 0:10:35.559 seven nothing early but never trailed after that. The Commanders 0:10:35.600 --> 0:10:38.520 won thirty eight thirty three. It appears they have found 0:10:38.600 --> 0:10:42.160 themselves a quarterback in rookie Jaden Daniels twenty one of 0:10:42.200 --> 0:10:44.800 twenty three two tds. He was also their top rusher 0:10:44.840 --> 0:10:47.320 as Washington those to two and one. The Bengals got 0:10:47.360 --> 0:10:50.240 three TD passes from Joe Burrow, but they are and 0:10:50.320 --> 0:10:52.559 three light baseball schedule to begin the final week. The 0:10:52.559 --> 0:10:54.319 Phillies beat the cub six to two to Clinton the 0:10:54.440 --> 0:10:57.400 NL East. The Astros failed to clinch the AL West 0:10:57.480 --> 0:10:59.480 lost to Seattle six to one. The Red Sox were 0:10:59.520 --> 0:11:02.480 trying to finish over five hundred now seventy nine and 0:11:02.640 --> 0:11:05.280 seventy eight with a four to one win Toronto, and 0:11:05.320 --> 0:11:07.560 while the Mets and Braves have been battling for weeks 0:11:07.559 --> 0:11:10.720 for the final NL wildcard, they could both make it. 0:11:10.840 --> 0:11:14.040 Arizona lost to the Giant sixty three, they could be 0:11:14.200 --> 0:11:16.679 the team left out. Mets begin the Big Series in 0:11:16.720 --> 0:11:19.960 Atlanta tonight with Luis Savarino on the mound and Francisco 0:11:20.040 --> 0:11:22.800 Lindor likely stilled out of the lineup with the back 0:11:22.880 --> 0:11:24.959 injury that he gave in update. 0:11:24.760 --> 0:11:27.600 On Pretty Sell, I don't think I'm gonna play paint free. 0:11:27.600 --> 0:11:29.040 If I've played this show, I don't think it's gonna 0:11:29.080 --> 0:11:29.720 be pain free. 0:11:29.800 --> 0:11:30.959 And I'm okay with that. 0:11:31.360 --> 0:11:33.160 I just don't want it to be a constant pain 0:11:33.280 --> 0:11:36.000 where I can't bend over, you know, and then. 0:11:36.000 --> 0:11:38.520 I put my teammates in a position where I'm not 0:11:38.600 --> 0:11:40.920 helping them as much as I can. You know, that's 0:11:40.960 --> 0:11:42.800 not fair for anybody. 0:11:42.840 --> 0:11:46.040 Lindor's been the Mets best player. Yankees already poured champagne 0:11:46.040 --> 0:11:48.800 when they clinched the wildcard. Apparently they are set to 0:11:48.840 --> 0:11:50.800 do it again when they wrap up the Al East. 0:11:50.800 --> 0:11:53.400 Need one more win. They host Baltimore tonight. A lot 0:11:53.440 --> 0:11:56.319 of optimism editing in the next season, but already an injury. 0:11:56.400 --> 0:11:59.280 Mitchell Robinson yet again still bothered by the ankle that 0:11:59.280 --> 0:12:03.160 he had surgery on. He won't play until December or January. Robinson, 0:12:03.200 --> 0:12:05.880 the Knick starting center, miss fifty one games last season. 0:12:06.160 --> 0:12:08.400 John stash Aware Bloomberg Sports Karen. 0:12:08.200 --> 0:12:15.160 Nathan Coast to Coast on Bloomberg Radio nationwide on Sirius XM, 0:12:15.240 --> 0:12:18.120 and around the world on Bloomberg dot Com and the 0:12:18.200 --> 0:12:22.280 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:12:22.320 --> 0:12:25.040 Nathan Hager. This will be a data remember for China's 0:12:25.080 --> 0:12:27.400 monetary policy. That is what Bloomberg. 0:12:27.000 --> 0:12:30.280 Economics is saying after the People's Bank of China unveiled 0:12:30.280 --> 0:12:33.040 a wide range of measures aimed at stimulating the world's 0:12:33.040 --> 0:12:35.920 second largest economy. For more, We're joined from Hong Kong 0:12:36.200 --> 0:12:40.679 by Bloomberg Asia Government and Politics reporter Rebecca Chung Wilkins. Rebecca, 0:12:40.840 --> 0:12:44.160 good morning. I think investors had been waiting for some 0:12:44.240 --> 0:12:46.880 kind of stimulus from China. It's been coming of drips 0:12:46.920 --> 0:12:48.719 and drabs up to now. Can you walk us through 0:12:48.760 --> 0:12:50.360 these latest measures just announced. 0:12:51.200 --> 0:12:54.280 Sure, a real barrage of measures here, and the form 0:12:54.360 --> 0:12:57.800 of the announcement also quite surprising. Sort of key elements here. 0:12:57.880 --> 0:13:01.480 We've seen a cut to fifty percent and fifty basis 0:13:01.520 --> 0:13:05.240 points excuse me, to the trip or R, essentially unleashing 0:13:05.600 --> 0:13:09.200 potential liquidity from commercial banks there. We've also seen a 0:13:09.280 --> 0:13:13.079 cut to a key benchmark rate that will sort of 0:13:13.120 --> 0:13:16.760 trickle down to other rates LPR and so on, as 0:13:16.800 --> 0:13:19.760 well as a swathe of measures that are intended to 0:13:19.880 --> 0:13:23.920 ease the ailing property market. Essentially, the PBOC is going 0:13:23.960 --> 0:13:28.000 to take on one hundred percent of the responsibility in 0:13:28.120 --> 0:13:31.199 extending loans from local governments to help buy up some 0:13:31.280 --> 0:13:35.120 of the property that has been left floundering in the 0:13:35.480 --> 0:13:39.000 property market, as well as news happy news for stock investors, 0:13:39.040 --> 0:13:43.440 in particular of this potential market stabilization fund. Now we 0:13:43.480 --> 0:13:48.839 saw something similar to that happening in two thousand and fifteen, So. 0:13:49.040 --> 0:13:52.520 Is this the bazooka that investors had been waiting for? 0:13:53.160 --> 0:13:57.480 So I think this was earlier and more than the 0:13:57.600 --> 0:14:00.800 expectations that we were talking about. But I do not 0:14:00.960 --> 0:14:03.640 think we are close to the bazuka that people were 0:14:03.920 --> 0:14:08.360 hoping for. And I think in part because Beijing has 0:14:08.400 --> 0:14:12.120 shown this tolerance for a potential miss a little bit 0:14:12.120 --> 0:14:14.800 of a miss of the growth target. Now, I think 0:14:14.880 --> 0:14:18.439 these monetary policies, by and large, and Bloomberg Economics is 0:14:18.480 --> 0:14:21.640 putting forward this view too, does mean that that five 0:14:21.640 --> 0:14:25.480 percent target, about five percent target for GDP is now 0:14:25.520 --> 0:14:28.280 within reach. That is something of a surprise. We had 0:14:28.280 --> 0:14:31.600 a big rat recalibration over recent weeks with economists pairing 0:14:31.680 --> 0:14:35.880 back their expectations, and we recently just had growth coming 0:14:35.920 --> 0:14:38.560 in at the worst quarter, at the worst pace for 0:14:38.640 --> 0:14:41.720 five quarters. So that in itself is something of a surprise. 0:14:41.800 --> 0:14:44.480 But some of the structural problems with the economy, the 0:14:44.640 --> 0:14:46.920 issues with the property market, the fact that there is 0:14:46.960 --> 0:14:49.480 a crisis of confidence. People just don't want to spend, 0:14:49.520 --> 0:14:53.080 they don't want to borrow either. Those are still prevailing 0:14:53.200 --> 0:14:56.560 concerned and particularly this worry about deflation. 0:14:56.960 --> 0:14:59.800 So what's missing then in our last minute that could 0:15:00.120 --> 0:15:03.200 get China closer to that five percent growth target. 0:15:04.040 --> 0:15:06.880 I think what we're really waiting to see is whether 0:15:07.040 --> 0:15:10.920 or not fiscal measures come out, there is further fiscal policy, 0:15:10.960 --> 0:15:15.480 and also whether policymakers can actually effectively unleash the monetary 0:15:15.520 --> 0:15:17.960 policy that has so far been provided. Local governments have 0:15:18.040 --> 0:15:20.840 been reticent to actually make use of the quotas to 0:15:20.880 --> 0:15:23.880 actually get out and spend, for example, and probably developers, 0:15:24.000 --> 0:15:28.400 we have not really seen their projects being bought up 0:15:28.640 --> 0:15:32.040 by local governments. Local governments hesitant to sep end because 0:15:32.080 --> 0:15:34.880 their finances are so strained at the moment. So it's 0:15:34.960 --> 0:15:37.720 whether or not we can see Beijing moving in to 0:15:37.920 --> 0:15:41.720 give confidence to these key actors, local actors as well 0:15:41.760 --> 0:15:45.240 as the consumer to actually start using some of these 0:15:45.320 --> 0:15:47.160 benefits that they have tried to roll out